Adjusted EPS was $0.11, down $0.06 year-over-year.
Adjusted operating income was $16.6 million and adjusted operating margin was 2.2%.
Consolidated gains on sale of property and equipment totaled $5.9 million, more than doubling year-over-year.
Consolidated gains on sale of property and equipment totaled $5.9 million, more than doubling year-over-year despite fewer units sold.
Dedicated average trucks decreased 0.9% year-over-year but increased sequentially by 1.6% to 4,855 trucks.
Dedicated revenue net of fuel was $287 million, down 0.7%, representing 64% of TTS trucking revenues.
Logistics adjusted operating margin improved 190 basis points to 2.7%, driven by volume growth and cost reductions.
Logistics revenue was $221 million, up 6% year-over-year and 13% sequentially, with Truckload Logistics revenue up 9% and Intermodal revenues up 3%.
Logistics revenue was $221 million, up 6% year-over-year and 13% sequentially, with Truckload Logistics revenue up 9% and Intermodal revenue up 3%.
Net debt to adjusted EBITDA was 1.7x with total liquidity of $695 million at quarter end.
One-Way revenue per truck per week increased 0.4% due to higher rates, mitigated by lower miles per truck per week.
One-Way trucking revenue net of fuel was $164 million, down 3%, with average truck count declining 3.5% year-over-year but growing slightly sequentially.
One-Way trucking revenue net of fuel was $164 million, down 3%, with average truck count declining 3.5% year-over-year but slightly up sequentially.
Operating cash flow was $46 million (6% of revenue), net CapEx was $66 million (9% of revenue), and free cash flow year-to-date was $17.3 million (1.2% of revenues).
Operating cash flow was $46 million for the quarter, net CapEx was $66 million, and free cash flow year-to-date was $17.3 million.
Second quarter revenues totaled $753 million, down 1%.
Truckload Transportation Services (TTS) total revenue was $518 million, down 4%, with revenues net of fuel surcharges decreasing 1% to $462 million.
TTS adjusted operating income was $12.8 million with an adjusted operating margin net of fuel at 2.8%, a decrease of 220 basis points largely due to higher insurance and claims expense.
TTS average trucks were 7,489, up 1% year-over-year and 1.4% sequentially.
Advanced Polymer Solutions segment EBITDA was $40 million, stable with prior quarter despite ongoing challenges in automotive markets.
Cash balance at the end of the quarter was $1.7 billion, above the target cash balance of $1.5 billion, supporting financial flexibility.
Cash conversion rate over the past 12 months was 75%, close to the long-term target of 80%, with strong shareholder returns totaling $2.1 billion over the last 12 months.
Cash generation resumed in the quarter with cash returns to shareholders exceeding $500 million through increased dividends and opportunistic share repurchases.
Intermediates and Derivatives segment EBITDA increased by $79 million to $290 million, primarily from improved styrene and propylene oxide margins.
Olefin and Polyolefin Americas segment EBITDA improved by more than 25% sequentially to $318 million, driven by higher integrated polyethylene margins and less downtime.
Olefin and Polyolefin Europe, Asia and International segment EBITDA was $46 million, improving due to lower feedstock costs and seasonal demand.
Second quarter earnings were $0.62 per share with EBITDA of $715 million, showing sequential improvement due to less downtime and lower feedstock costs.
Technology segment EBITDA was $34 million, lower than guidance due to inventory cost adjustments and sales mix changes, with licensing activity remaining subdued.
Dafinchi